Korea’s per capita income is expected to surpass US$30,000 for the first time, the finance minister said on March 4, a dramatic rags-to-riches success story that has no parallel in contemporary history.
Hong Nam-ki, the minister of economy and finance, said the country’s per capita gross national income in 2018 likely topped the milestone as the central bank is set to release a preliminary data on March 5.
Korea would be the seventh country in the world to join the so-called 30-50 club of economic powerhouses with a population of over 50 million and per capita income exceeding US$30,000.
The development is a dramatic increase from 1970, when Korea’s per capita gross national income stood at just US$257.
By Ram Garikipati and newswires (email@example.com